Thai Jan exports rise 0.35% y/y, weaker than forecast

BANGKOK: Thailand's exports in January rose for a second straight month, climbing 0.35% from a year earlier, and should continue to grow this year as the global economy recovers, the commerce ministry said on Tuesday.

Exports, a key driver of Thai growth, are expected to rise 4% this year after a 6.01% contraction in 2020, ministry official Phusit Ratanakul Sereroengrit told a briefing.

Supporting factors include stimulus measures in several countries and vaccine distribution, he said, adding that shipment growth could reach double digits in the June quarter. "Exports could grow by 3-5% in the first half and by 3-4% in the latter half," he said.

January's exports, however, were short of the 1.85% rise forecast in a Reuters poll and slower than the 4.71% increase in December.

While shipments of cars and car parts, computers and rubber products increased last month, gold exports slumped 90.3% due to volatile gold prices. Excluding gold, exports would have risen 6.27%, the ministry said.

Demand from key markets was mostly higher in January, with exports to the United States up 12.4% year-on-year, to China up 9.9% and to Japan up 7.4%.

Imports in January declined 5.24% from a year earlier, beating a forecast 8.3% drop, resulting in a trade deficit of $202 million in the month.